AABP EP Awards 728x90

Varsity Cinema buys building to expand programming, add screens

https://www.businessrecord.com/wp-content/uploads/2022/12/crumb-headshot-scaled-e1670257078527.jpg

The owner of Varsity Cinema has purchased an adjacent building previously owned by Drake University to expand programming — and possibly screens — in the future.

Ben Godar, executive director of Des Moines Film Society, the nonprofit that operates the Varsity, said the purchase of the 3,500-square-foot building is part of the organization’s long-term growth plans.

“We were always looking for a place that would have additional space that we could add screens but also just have additional space for classroom space and community gathering space,” Godar said. “It just so happened that this building became available from Drake right now. So it’s a unique opportunity to be able to acquire the building adjacent to us because it gives us the opportunity for growth right there.”

Varsity
Des Moines Film Society, which operates the Varsity Cinema, has purchased the building next door from Drake University to expand programming and possibly add screens. Photo by John Retzlaff/Business Record


Des Moines Film purchased the building in March from Drake for $621,000, according to the Polk County Assessor’s website. Drake owned the building since 1994, when it purchased it from Des Moines businessman and philanthropist Johnny Danos.

Officials with Drake said the university used the building for faculty and staff offices.

The building, at 1213-1215 25th St., also has second-story apartments, which Godar said would be made into affordable housing for the neighborhood.

“We don’t have a specific timeline for every piece of [the project],” he said. “I think in the near term we are looking to probably do a little refresh of the apartment and some aspects of the commercial space. We are not planning to occupy it immediately, but once that’s complete, we will certainly occupy a portion of the building for the classroom and community gathering space.”

The apartments will be leased, which Godar said would be a “financial necessity.”

“Since we have to do that, making those affordable units is a good thing for us to do for our neighborhood and the community,” he said.

There will also be another tenant on the main floor because the theater won’t need all the space, but Godar said it’s too early to detail who that could be.

“We’re involved in a lot of conversations about that, but nothing definitive yet,” he said. “But this is our space and it’s next to our cinema so we want something we feel will be complementary to the work that we’re doing.”

The prospect of adding screens is “a down the road thing,” Godar said.

“That would be a significant capital project, but we believe this building will give us the capability to add some auditoriums and add those additional screens,” he said. “That’s definitely something we’re looking to do here, but that’s a ways down the road.”

The purchase of the building and expansion of services is the next step in the future of the Varsity, which reopened in December 2022, about four years after it was closed by its previous owners. Des Moines Film purchased the building in 2020 and undertook a capital campaign to renovate the 105-year-old building.

“We really believe in having a long-term vision for the organization and the kinds of programming we can bring to Des Moines,” Godar said. “The reopening of the Varsity was a huge moment for us … but that wasn’t an endpoint for us. It was one step.”

https://www.businessrecord.com/wp-content/uploads/2022/12/crumb-headshot-scaled-e1670257078527.jpg

Michael Crumb

Michael Crumb is a senior staff writer at Business Record. He covers real estate and development and transportation.

Email the writer